Oculus VisionTech (OVTZ) 10-Q 13 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 13, 2019
Document Information [Line Items]
Entity Registrant Name	OCULUS VISIONTECH INC.
Entity Central Index Key	0001107280
Trading Symbol	ovtz
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		45,572,568
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 5,886	$ 5,572
Prepaid expenses and other current assets	1,290	1,192
Total current assets	7,176	6,764
Deferred Tax Assets, net of valuation allowance of $6,556,000 and $6,545,000, respectively
Total Assets	7,176	6,764
Current Liabilities:
Accounts payable and accrued expenses	49,695	56,877
Accounts payable and accrued expenses - related parties	745,695	685,421
Total current liabilities	795,390	742,298
Commitments and Contingencies
Stockholders' Deficiency:
Preferred stock - no par value; authorized 250,000,000 shares, none issued
Common stock and additional paid-in capital - no par value; authorized 500,000,000 shares, issued and outstanding 45,572,568	40,458,297	40,458,297
Accumulated deficit	(41,246,511)	(41,193,831)
Stockholders' deficiency	(788,214)	(735,534)
Total Liabilities and Stockholders' Deficiency	$ 7,176	$ 6,764

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	Mar. 31, 2019	Dec. 31, 2018
Deferred tax assets, valuation allowance	$ 6,556,000	$ 6,545,000
Preferred stock, no par value (in dollars per share)
Preferred stock, authorized (in shares)	250,000,000	250,000,000
Preferred stock, issued (in shares)	0	0
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	45,572,568	45,572,568
Common stock, shares outstanding (in shares)	45,572,568	45,572,568

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue
Expenses:
Research and development		1,617
Selling, general and administrative	52,680	36,244
Total expenses	52,680	37,861
Loss from operations	(52,680)	(37,861)
Other income (expense)
Interest income (expense)
Net loss	$ (52,680)	$ (37,861)
Net loss per share - basic and diluted (in dollars per share)	$ 0	$ 0
Weighted-average number of common shares outstanding - basic and diluted (in shares)	45,572,568	45,572,568

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Deficiency (Unaudited) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Common Stock Including Additional Paid in Capital [Member]
Balance (in shares)	45,572,568
Balance	$ 40,458,297
Balance (in shares)	45,572,568	45,572,568
Balance	$ 40,458,297	$ 40,458,297
Retained Earnings [Member]
Balance	(41,193,831)
Net Income (Loss) Attributable to Parent, Total	(52,680)
Balance	(41,246,511)	(41,193,831)
Balance	(735,534)
Net Income (Loss) Attributable to Parent, Total	(52,680)	(183,279)
Balance	$ (788,214)	$ (735,534)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (52,680)	$ (37,861)
Changes in operating assets and liabilities:
Decrease in accounts receivable
Decrease (increase) in prepaid expenses and other current assets	(98)	(2,520)
Increase (decrease) in accounts payable and accrued expenses	(7,182)	(13,370)
Increase (decrease) in accounts payable and accrued expenses due to related parties	60,274	54,698
Net cash used in operating activities	314	947
Net increase in cash and cash equivalents	314	947
Cash and cash equivalents at beginning of period	5,572
Cash and cash equivalents at end of period	5,886	947
Supplemental disclosures of cash flow information:
Cash paid during the period for interest
Cash paid during the period for income taxes

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. BASIS OF PRESENTATION These unaudited condensed interim consolidated financial statements should be read in conjunction with the annual financial statements for Oculus VisionTech Inc. (“Oculus” or the “Company”) most recently completed fiscal year ended December 31, 2018. not December 31, 2018, The accompanying consolidated financial statements include the accounts of Oculus and its wholly-owned subsidiary, USVO Inc. All intercompany balances and transactions have been eliminated upon consolidation. In the opinion of the management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. The results for the interim periods are not may 10 December 31, 2018.

Note 2 - Going Concern

Note 2 - Going Concern	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	2. GOING CONCERN The accompanying unaudited condensed interim consolidated financial statements have been prepared assuming the Company will continue as a going concern. As shown in the financial statements, the Company has incurred loss of $52,680 three March 31, 2019 $183,279 $230,699 December 31, 2018 2017, March 31, 2019, $41,246,511 $788,214. not

Note 3 - Subsequent Events

Note 3 - Subsequent Events	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	3. SUBSEQUENT EVENTS None.

Note 2 - Going Concern (Details

Note 2 - Going Concern (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Net Income (Loss) Attributable to Parent, Total	$ (52,680)	$ (37,861)	$ (183,279)	$ (230,699)
Retained Earnings (Accumulated Deficit), Ending Balance	(41,246,511)		$ (41,193,831)
Working Capital (Deficit)	$ (788,214)